In this paper, we explain how utilities will be better positioned to participate in the Dynamic Energy system if they focus on three key competencies: Business Model Innovation, Technology Innovation, and Cultural Innovation. The benefits of taking this three-pronged approach to innovation are clear. Doing nothing will lead to further declines in revenue and a loss of market share to third-party energy providers. Developing an innovation strategy – either company-wide or within specific teams – means opening up entirely new business lines and service models that will enhance the utility’s reputation and grow earnings.
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